CEYBANK CENTURY GROWTH FUND
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1 INTERIM REPORT 30 SEPTEMBER 2018 CEYBANK CENTURY GROWTH FUND Managed By
2 Ceybank Century Growth Fund Manager s half yearly report for the period ended 30 th September 2018 We have great pleasure in presenting the half yearly report of Ceybank Century Growth Fund for the 6 months ended 30 th September The stock market continued to fall during the six-month period ending 30 th September The Net Asset Value per unit of your Fund depreciated by 16.41% during the period under review. During the same period the S&P Index decreased by 17.76% while the ASI depreciated 9.49%%. The net asset value per unit amounted to Rs as at 30 th September Capital Market Performance The Colombo Bourse remained volatile during the period under review. Foreign investors were net sellers with Net foreign outflows for the six months ending September 2018, being approximately Rs 3.21 billion. The ASI closed at 5, down by 615 points while the S& P Index was at 3,002 down 648 points for the six-month period ended 30 th September The Sri Lankan economy recorded a GDP growth of 3.7% (YOY) for the second quarter of The services sector contributed 4.8%, Agriculture 4.5% and Industry 2.3%. The Country s foreign reserve position remained stable. Gross official reserves stood at US$ 7.16 billion as at end September The Exchange rate (Rs/US$) which was at Rs on 29th March 2018, depreciated by 8.51% and was quoted at Rs as at 28th September 2018.
3 Average Annual Inflation measured by the CCPI declined from 6.1% in end March 2018 to 5.4% at the end of September Market Interest rates ended mostly unchanged despite being volatile as market liquidity levels changed sharply. The 12- month Treasury bill yields moved down from 9.69% in end March to 9.51% by end September Overnight call money traded within a band of 7.65% and 8.55% p.a. Central Bank policy rates changed once during the period on the 4 th April The Standard Lending Facility was reduced by 0.25% to 8.50%. However, the Standing Deposit Facility remained unchanged at 7.25%, and the Commercial Banks statutory reserve ratio (SRR) also remained unchanged at 7.50%. Fund Performance The Net Asset Value per unit of your Fund decreased by 16.41% during the half year period under review. The performance was lower than expected due to the decline in market prices of some key stock holdings. We believe that this is temporary and expect these stocks to perform well in the medium term. The chart below depicts the performance of the Fund on the medium to long term The total net assets stood at Rs. 763 million as at 30 th September The Fund generated dividend income of Rs million, down 15% from Rs million in the previous year. Interest income was down 69% to Rs 1.23 million from Rs 3.99 million in the corresponding period. Expenses decreased 19% from Rs million to Rs 9.10 million.
4 The Fund realized Rs 8.19 million as capital gains from sale of equity during the period, 29% down from the Rs million recorded in the previous period. The market value of the portfolio was Rs 763 million as at 30 th September 2018 down from Rs 966 million in March The Fund maintains a relatively high level of equity exposure as at 30 th September We will continue to have a high equity exposure with a positive outlook in the medium term and make changes in the Asset allocation in a manner that is compatible with our view and market expectations. Your Fund investments are diversified across fundamentally strong companies with a medium to long term outlook, in Hotel, Manufacturing, Bank, Telecommunication and Power & Energy sectors as depicted in the chart. We expect these stocks to perform well in the medium term adding further value to your investment.
5 Future Outlook The lengthening political crisis will have an impact on the growth prospects and direction the country is headed for, based on the policies that will prevail or emerge. In the absence of a National budget, an interim vote on account could be focused to an election platform, as political camps will attempt to take power by wooing the voter. For sustenance the country will need to continue on development of infrastructure, tourism, retail and service sectors, with emphasis on the Small & Medium Enterprises. We expect the economy to grow by around 4.0% for Weather patterns have been reasonably favorable to the agriculture and the power sector. Crude oil prices internationally, remain volatile but lower. The need for large foreign investments, for large projects continues to be a challenge. The large debt repayments due from 2019 also remains a matter of concern. Inflation could be expected to remain at the current levels given the fair-weather patterns that are expected to increase agriculture production. Central Bank however, will have added challenges if government policies keep changing. Interest rates could be under pressure in the interim period. We expect the stock market to be volatile as foreign investors exit or remain on the sidelines on continued uncertainty. We will continue to monitor the ongoing developments and make changes accordingly. Chitra Sathkumara Executive Director/ CEO 30 th November 2018
6 CEYBANK CENTURY GROWTH FUND Statement of comprehensive income (all amounts in Sri Lanka Rupees thousands) Six months ended 30'th September Income Dividend 18,164 21,391 Interest income from financial assets not held at fair value 1,230 3,992 through profit or loss Net realized gain on financial assets held at fair value 8,192 11,544 through profit or loss Net change in unrealized Gain on financial assets held at fair value (172,076) 32,477 through profit or loss Total investment income (144,490) 69,404 Expenses Management fee (7,382) (9,164) Trustee & custodian fee (1,499) (1,861) Other expenses (228) (224) (9,109) (11,249) (Loss)/Profit after deductions and before tax (153,599) 58,155 Income tax expense - - (Decrease)/Increase in net assets attributable to unitholders (153,599) 58,155
7 CEYBANK CENTURY GROWTH FUND Statement of financial position (all amounts in Sri Lanka Rupees thousands) Six months ended 30'th September Assets Cash and cash equivalents 1,971 1,260 Other receivable Financial assets held at fair valued through profit or loss 732,190 1,009,290 Loans and receivables 24,289 54,935 Income tax receivable 9,013 8,488 Total assets 767,615 1,074,169 Unit Holders' funds and Liabilities Liabilities Payables 4,231 4,859 Amount Payable on Unit redemption - 93 Total liabilities (excluding net assets attributable to 4,231 4,952 unitholders) Net assets attributable to unitholders liability 763,384 1,069,217 Total Unit Holders' funds and Liabilities 767,615 1,074,169
8 CEYBANK CENTURY GROWTH FUND Statement of changes in Unitholders' funds (all amounts in Sri Lanka Rupees thousands) Six months ended 30'th September Unit holders' funds at beginning of the year 966,647 1,047,446 (Decrease)/Increase in net assets attributable to unit holders (153,599) 58,155 Received on unit creations 1,289 5,599 Paid on unit redemptions (50,953) (41,983) Unitholders' funds at end of the year 763,384 1,069,217
9 Managers of the Ceybank Unit Trust Fund s No. 85,York Street, Colombo 01, Sri Lanka. Phone : , Fax : , info@ceybank.com, Web :
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